The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[DrMrLordX]

Did anyone go to jail for the Equifax data breach?

Former Equifax executive sentenced to prison for insider trading prior to data breach

Four months of jail time

www.theverge.com

(lol four months)

If they ever caught any of the hackers responsible for the breach and had the extradited, I don't know, but I somehow doubt it. Regardless you're dealing with an area where authorities would very much like to jail some people but can't due to foreign powers sheltering perps (or the perps just being too hard to identify).

 

[ozzy702]

The U.S. House Financial Services Committee discussing crypto today has been surprisingly positive and pro-crypto. Strangest collapse of crypto imaginable.

 

[Mopetar]

The U.S. House Financial Services Committee discussing crypto today has been surprisingly positive and pro-crypto. Strangest collapse of crypto imaginable.

The CIA probably told them that BitCoin was just a new front for them to move money around and to smile and nod politely or they're going back to pushing crack in poor neighborhoods again. Or given it is the CIA that they'll just have to push even more crack than they already are.

Conspiracy theories about cryptocurrency are more fun than just about anything else.

 

[ozzy702]

The CIA probably told them that BitCoin was just a new front for them to move money around and to smile and nod politely or they're going back to pushing crack in poor neighborhoods again. Or given it is the CIA that they'll just have to push even more crack than they already are.

Conspiracy theories about cryptocurrency are more fun than just about anything else.

Absolutely fun, especially since Satoshi is anon. I'd love to know the truth.

 

[blockeddrainssydney]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also, China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

Crypto is like vast oceans which we know are real but no one has ever calculated how much quantity or how deep it is just like crypto there is unlimited supply in the market.
I know some countries are having a downfall in the crypto market by it can be a great time to invest too in the market ... But governments are taking this matter seriously now Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto....

 

[VirtualLarry]

Apparently, there is now some tech out there (4090ti???), that a single rig can do 1+ TH/sec with.

As SonOfATech says, "Proof of Stake may not matter any more."

(IOW, once this tech gets out, "normal" GPU mining will be made obsolete due to relative hashrate and difficulty. Even before "The Merge" and the difficulty bomb in June 2022.)

 

[DrMrLordX]

Why would a new, faster dGPU render PoS irrelevant? You're still buying overpriced hardware and burning power to validate transactions, rather than staking which is simple and efficient. NV or AMD could launch a card that can do 10 TH/s, it wouldn't matter. Once it's done it's done, PoW will be over.

A new super-hashrate card will just kill older cards' viability on the chains that still permit dGPU mining.

 

[VirtualLarry]

A new super-hashrate card will just kill older cards' viability on the chains that still permit dGPU mining.

He's speaking from the perspective of an invested GPU miner. As far as these 1TH/sec+ rigs go, it's GAME OVER for GPU mining (potentially in a matter of days, maybe weeks), thus not even waiting for the introduction of PoS/The Merge. Thus making the "fact" of ETH 2.0 ending GPU mining, a moot / irrelevant point.

 

[DrMrLordX]

He's speaking from the perspective of an invested GPU miner. As far as these 1TH/sec+ rigs go, it's GAME OVER for GPU mining (potentially in a matter of days, maybe weeks), thus not even waiting for the introduction of PoS/The Merge. Thus making the "fact" of ETH 2.0 ending GPU mining, a moot / irrelevant point.

Well okay, but I think that's short sighted. If it weren't for ETH 2.0 and other PoS projects coming online, a 1 TH/s card (or whatever) would just become the new defacto standard in mining. Eventually everyone would snap up those cards, and the mining would continue. Mining is an ongoing arms race.

 

[VirtualLarry]

The thing is, even the higher-end ETH ASICs are only equivalent to maybe 30 RTX 3090 cards. These are equivalent to what, 33,000 of them?

1x RTX 3090, let's say 100MH/sec, 10x of them, 1GH/sec, 10,000x of them, 1TH/sec.

You're not going to fit 10,000 RTX 3090 cards into one rig, so that excludes current technology.

This is like, Area51-level mining hardware. Or a quantum super-computer or something DARPA-related.

Maybe some intern spun up an ETH mining on one of the upcoming DARPA super-computers, with 10,000 nodes with NV GPUs. A possibility.

 

[DrMrLordX]

If it's something only usable by a tiny number of people then there's some real 51% attack potential. But if it's commodity hardware, it'll just be another advance in hashrate available to anyone willing to spend the money.

 

[ozzy702]

Why would a new, faster dGPU render PoS irrelevant? You're still buying overpriced hardware and burning power to validate transactions, rather than staking which is simple and efficient. NV or AMD could launch a card that can do 10 TH/s, it wouldn't matter. Once it's done it's done, PoW will be over.

A new super-hashrate card will just kill older cards' viability on the chains that still permit dGPU mining.

Only if the hardware is available. If it's only in the hands of a select few it "kills" GPU mining for the 99% of miners, and kills network security in the process (which would be a short sighted move by cartels). Ethereum's network currently has ~ 916 TH/s so assuming this hardware can't be mass produced it's probably not the "end of PoW mining" but we'll see. Super curious to know the hardware config for 1TH/s. I like Virtual Larry's thought on it being a super computer are there any in operation that have that kind of power?

 

[MrTeal]

Or someone rented hashpower and pointed it at Flexpool with a cute worker name?

 

[ozzy702]

Or someone rented hashpower and pointed it at Flexpool with a cute worker name?

Curious how that would show as one worker though, that's what's got me thinking.

 

[MrTeal]

I assume they just point their proxy at flex under whatever worker name they want.

 

[DeathReborn]

Only if the hardware is available. If it's only in the hands of a select few it "kills" GPU mining for the 99% of miners, and kills network security in the process (which would be a short sighted move by cartels). Ethereum's network currently has ~ 916 TH/s so assuming this hardware can't be mass produced it's probably not the "end of PoW mining" but we'll see. Super curious to know the hardware config for 1TH/s. I like Virtual Larry's thought on it being a super computer are there any in operation that have that kind of power?

Could the Cerebras CS-2 do it? 40GB of SRAM memory at 20PB/s.

Product - System - Cerebras

cerebras.net

 

[Leeea]

Curious how that would show as one worker though, that's what's got me thinking.

proxy

proxy is even required by pools after a certain point.

ethproxy

Ethereum stratum proxy

pypi.org

 

[ultimatebob]

The thing is, even the higher-end ETH ASICs are only equivalent to maybe 30 RTX 3090 cards. These are equivalent to what, 33,000 of them?

1x RTX 3090, let's say 100MH/sec, 10x of them, 1GH/sec, 10,000x of them, 1TH/sec.

You're not going to fit 10,000 RTX 3090 cards into one rig, so that excludes current technology.

This is like, Area51-level mining hardware. Or a quantum super-computer or something DARPA-related.

Maybe some intern spun up an ETH mining on one of the upcoming DARPA super-computers, with 10,000 nodes with NV GPUs. A possibility.

Yep, that's how Bitcoin mining on GPU's became unprofitable. When the Bitcoin ASIC's came out, they were 20 times faster than GPU mining. Mining difficulty spiked to the point where you couldn't mine enough Bitcoin with a GPU to cover your electricity costs.

I am curious, though... are you HODL'ing the Ethereum that you're mining, or are you selling it right away? If you built up a nice little nest egg of ETH over the past few months, you might be able to make a modest income staking it when it switches over to POS.

 

[MrTeal]

Yep, that's how Bitcoin mining on GPU's became unprofitable. When the Bitcoin ASIC's came out, they were 20 times faster than GPU mining. Mining difficulty spiked to the point where you couldn't mine enough Bitcoin with a GPU to cover your electricity costs.

I am curious, though... are you HODL'ing the Ethereum that you're mining, or are you selling it right away? If you built up a nice little nest egg of ETH over the past few months, you might be able to make a modest income staking it when it switches over to POS.

Basically instantly, too. A 7970 would do what, 700MH/s @~250W? The first gen Avalon machines with 3 modules did 60GH/s @ ~500W and the preorder price was US$1300. That's a 30X improvement in hash/$ (not even counting systems costs for the GPU mining) and 40X in Hash/W. That was also on a completely outdated 110nm node when GPUs were on 28nm.

Eth isn't nearly as vulnerable; the ASICs are already on advanced process nodes, and while an E9 is 3GH/s, it consumes 2500W and costs like $20k+. They're obviously better than GPUs, but only by a factor of 2 or so. Barring some kind of break in the algorithm itself this isn't some kind of crazy new ASIC that's going to render GPU mining obsolete. It's just probably someone with a huge farm or renting hash power being cute.

 

[Mopetar]

If it's something only usable by a tiny number of people then there's some real 51% attack potential. But if it's commodity hardware, it'll just be another advance in hashrate available to anyone willing to spend the money.

What's the point of doing a 51% attack if it makes all of your crypto worthless? As soon as someone actually does that, the value drops out immediately and probably doesn't come back.

 

[ultimatebob]

The Ethereum group better try harder to fix their high fee issues, because a lot of developers are switching over to Solana for their tokens and NFT transactions instead. Their fees are in the pennies instead of costing $7 for Ethereum transactions and over $20 for an ERC-20 token transaction.

 

[DrMrLordX]

What's the point of doing a 51% attack if it makes all of your crypto worthless? As soon as someone actually does that, the value drops out immediately and probably doesn't come back.

The point of a 51% attack is to:

a). make all of someone else's crypto worthless or
b). try to trick an exchange into accepting a bogus transfer of tokens and then market sell the tokens as quickly as possible before someone notices that a 51% attack has taken place

It has yet to be demonstrated that b). would ever work. Even if China (as a country) had a majority of BCH's hashrate and a significant minority of BTC's hashrate at one point, 51% attacks have not been attempted on chains vulnerable to such. ETH has never consolidated enough (to my knowledge) for that ever to be a risk.

and over $20 for an ERC-20 token transaction.

While the fees are crap, I think that misrepresents ERC20 costs right now. You can send USDT (don't ask me how I know!) for anywhere from $5 to $11 depending on short term factors. Polygon and similar can bring those fees down even lower assuming all parties agree to use it. I've noticed a few exchanges using Tron? Which I did not expect? But I digress.

The problem isn't in the fees associated with just sending tokens. The problem is that the fees for invoking smart contracts on Ethereum are currently bonkers. And I'm not sure that Polygon or anything else can fix that without changes to the main chain. Where is the sharding, Vitalik? We're waiting!

 

[beginner99]

The Ethereum group better try harder to fix their high fee issues, because a lot of developers are switching over to Solana for their tokens and NFT transactions instead. Their fees are in the pennies instead of costing $7 for Ethereum transactions and over $20 for an ERC-20 token transaction.

it's basically the project triangle or CAP theorem of crypto:

Secure, Cheap, decentralized.

Pick 2.

Solansa is not decentralized so essentially against the core idea of crypto/blockchain. If you are "pro solana" you are simply here to make money.

 

[ultimatebob]

Solansa is not decentralized so essentially against the core idea of crypto/blockchain. If you are "pro solana" you are simply here to make money.

Ummm... everything that you just said was wrong. Read this first, then make more intelligent posts later:

Web3 Infrastructure for Everyone

Fast. Decentralized. Scalable. Energy efficient. Solana can power thousands of transactions per second.

solana.com

 

[ultimatebob]

Yeah... the folks who are complaining about Solana being centralized are mostly complaining that much of the network is being run by "whales" with huge holdings that are affiliated with the Solana foundation, and that it takes big servers to be able to process the improved transaction volume.

That's not suprising, as Solana is a new project and there aren't a lot of organizations running staking servers yet. This situation is already improving, and it will get better with time. Most of the whining honestly sounds like sour grapes from Ethereum and Bitcoin fanboys. Besides, once Ethereum migrates to Proof Of Stake, it too will likely be controlled by a handful of whales with huge holdings as well.